tier one common risk-based capital ratio greater than 5 percent, under both expected and stressed conditions" – see scenario analysis on this. A risk-based capital surcharge Market liquidity, first based on the United States' own "interagency liquidity risk-management guidance issued in March 2010" that require liquidity stress tests and set internal quantitative limits, later moving to a full Basel III regime – see below. The Federal Reserve Board itself would conduct tests annually "using three economic and financial market scenarios". Institutions would be encouraged to use at least five scenarios reflecting improbable events, and especially those considered impossible by management, but no standards apply yet to extreme scenarios. Only a summary of the three official Fed scenarios "including company-specific information, would be made public" but one or more internal company-run stress tests must be run each year with summaries published. Single-counterparty credit limits to cut "credit exposure of a covered financial firm to a single counterparty as a percentage of the firm's regulatory capital. Credit exposure between the largest financial companies would be subject to a tighter limit". "Early remediation requirements" to ensure that "financial weaknesses are addressed at an early stage". One or more "triggers for remediation—such as capital levels, stress test results, and risk-management weaknesses—in some cases calibrated to be forward-looking" would be proposed by the Board in 2012. "Required actions would vary based on the severity of the situation, but could include restrictions on growth, capital distributions, and executive compensation, as well as capital raising or asset sales". In April 2020, in response to the COVID-19 pandemic, the Federal Reserve announced a temporary reduction of the Supplementary Leverage Ratio (applicable to financial institutions with more than $250 billion in consolidated assets) from 3% to 2%, effective until 31 March 2021. On 19 March 2021 the Federal Reserve announced that the year-long emergency relief would not be renewed at the end of the month. As of January 2014, the United States has been on track to implement many of the Basel III rules, despite differences in ratio requirements and calculations. European implementation The implementing act of the Basel III agreements in the European Union has been the new legislative package comprising Directive 2013/36/EU (CRD IV) and Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (CRR). The new package, approved in 2013, replaced the Capital Requirements Directives (2006/48 and 2006/49). On 7 December 2017,